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The Union finance ministry has asked insurance companies to arrange for immediate settlement of claims by families affected by tsunamis.
The ministry has also advised the Reserve Bank of India to make provisions for immediate relief in the affected areas.
It has also asked banks to assess the damage and the relief required.
A task force, under RBI Deputy Governor V Leeladhar, has been set up to monitor relief measures.
Meanwhile, in view of the devastation caused by the waves in Tamil Nadu, Andaman and Nicobar islands, Andhra Pradesh and Kerala, the Life Insurance Corporation has set up special cells in the zones concerned for immediate settlement of claims, an official release issued In New Delhi on Monday night said.
Non-life insurance companies like the New India Assurance, National Insurance, United India Insurance and Oriental Insurance, are also making arrangements to help affected people.